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| Former public relations director of Kumyang Park Soon-hyeok / Screenshot from KBS' YouTube account |
Former PR director of Kumyang halts public activity amid controversies
By Lee Yeon-woo
Park Soon-hyeok, the former public relations director of Kumyang better known as "Battery Ajeossi (uncle)" to the public, has suddenly announced the cessation of his public activities and disappeared from the media.
Park had emerged as a hero among individual investors by encouraging the purchase of domestic rechargeable battery stocks, which had been on an upward trend for the past few months.
"Thanks to the 'Battery Ajeossi,' many individual investors have come to appreciate the excellence of Korean batteries and have made significant profits. Kumyang's market capitalization, which stood at only 200 billion won ($152 million) in Jan. 2022, has increased 16-fold to reach 3.2 trillion won," Park said.
He recently announced this statement through a YouTube channel where he frequently appears.
"I believe the Korean battery industry is a solution at this time when we need a new growth engine due to the semiconductor industry's slump. Even President Yoon Suk Yeol is paying attention to rechargeable batteries as a future pillar of Korea's economy, and no one can deny that this 'Battery Ajeossi' has played a significant role in that," Park added.
Park blamed individual investors, Kumyang and rechargeable battery firms, stating that they have deserted him in his time of trouble even though they have benefitted from him.
As a former analyst at Daehan Investment Trust, the ancestor of Hana Securities, Park has been recommending the purchase of stocks from eight companies related to rechargeable batteries, including LG Energy Solution, SK Innovation and EcoPro, through his publications and appearances on YouTube.
He has been praised as a "mentor of individual investors," and garnered a significant following among those who profited from EcoPro's sharp rally last month.
Data shows that from April 12 to May 23, individual investors net purchased 883 billion won of EcoPro's shares. This is the highest level of net buying by individuals in the KOSDAQ market.
However, the stock prices of the recommended companies have shown a downtrend since. Shares of EcoPro plunged 20 percent alone this month.
Despite warnings from major securities firms about overheated stock prices, Park has been arguing that "naive individuals should not be swayed by the securities cartels that exploit the capital market for their gain." This stance has led to conflicts with financial groups in Yeouido.
Park has also been embroiled in suspicions that he, having previously worked for the rechargeable battery-related company Kumyang, is promoting the industry to boost the company's standing.
Furthermore, in April, Park disclosed on a YouTube channel that Kumyang plans to sell 170 billion worth of treasury stock between May and June. The Korea Exchange stated that disclosing such plans through a specific media channel is in conflict with the company's obligation to announce information publicly. Park shortly thereafter submitted his resignation to the company.
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